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  • Form 1118 2012

Get Form 1118 2012

Form (Rev. December 2011) Department of the Treasury Internal Revenue Service Name of corporation 1118 Foreign Tax Credit--Corporations See separate instructions. Attach to the corporation's tax return.

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On Schedule J (Form 1118), the column headings and lines used to report "other income" have been revised to require taxpayers to identify each item of other income. In these instructions, the Computer-Generated Schedule section, below, has been revised to indicate how each item of other income is to be identified.

Schedule I (Form 1118), Reduction of Foreign Oil and Gas Taxes. Use Schedule I (Form 1118), (a separate schedule) to compute reductions of taxes paid, accrued, or deemed paid on foreign oil and gas income.

It is used to claim a credit for income taxes paid to a foreign country on which U.S. taxes are also paid on the same income. Form 1118 is to be used by any corporation subject to U.S. tax on its income where the same income is subject to an income tax in another country.

Who Must File Form 1118? Form 1118 is used by foreign corporations subject to US taxation on their income if the same income is subject to an income tax in another country.

Any corporation that elects the benefits of the foreign tax credit under section 901 must complete and attach Form 1118 to its income tax return.

It is used to claim a credit for income taxes paid to a foreign country on which U.S. taxes are also paid on the same income. Form 1118 is to be used by any corporation subject to U.S. tax on its income where the same income is subject to an income tax in another country.

File Form 1116, Foreign Tax Credit, to claim the foreign tax credit if you are an individual, estate or trust, and you paid or accrued certain foreign taxes to a foreign country or U.S. possession. Corporations file Form 1118, Foreign Tax Credit—Corporations, to claim a foreign tax credit.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232